Malaysian palm oil futures eased on Wednesday after a three-session rally, weighed down by demand worries after top buyer India allowed duty-free imports of competing soy and sunflower oils. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 54 ringgit, or 0.83%, to 6,428 ringgit ($1,464.24) a tonne by
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New Zealand Dollar rises broadly today after an hawkish RBNZ rate hike, which suggests that interest rate could peak higher than earlier projected. Australian and Canadian Dollars are also generally firmer. On the other hand, Euro is starting to lose some upside momentum again, struggling to ECB driven rally. Swiss Franc and Sterling are soft
A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in New York City, February 27, 2017. Andrew Kelly | Reuters Abercrombie & Fitch shares tumbled more than 20% in premarket trading Tuesday after the retailer reported an unexpected loss in its fiscal first quarter, with freight and product costs weighing
Gold Price snaps a five-day uptrend, as the US dollar stages a solid rebound. US Treasury yields remain on the back foot ahead of the FOMC minutes. Strong support at $1,850 could limit the pullback in XAUUSD from two-week highs. Gold Price is retreating from two-week highs of $1,870, as tensions mount in the lead-up
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The NZDUSD is trading marginally lower ahead of the RBNZ decision that will be announced at 10 PM ET. The expectations are for a 50 basis point hike to 2.00%. The hike will be the 5th in a series of hikes that started on October 6, 2021 with a 0.25% hike to 0.50%. They added
The Reserve Bank of New Zealand is expected to raise the OCR by 50bps to 2.00% with OIS fully pricing a 50bps hike. RBNZ have delivered four consecutive rate hikes and even surprised markets with a larger than expected 50bps increase last month. Front-loading of tightening is expected to continue with inflation at a 32-year
Gold prices touched a more than one-week high on Monday, as an easing dollar supported greenback-priced bullion, although rising U.S. Treasury yields capped gains. FUNDAMENTALS Spot gold rose 0.3% to $1,850.39 per ounce, by 0039 GMT, their highest since May 12. U.S. gold futures GCv1 also gained 0.3% to $1,847.90. The dollar began the week
Sterling fall broadly today after much worse than expected PMI data raises concerns of recession ahead. On the other hand, Euro jumps as ECB officials continued to talk up July rate hike, while PMI data were solid. Still, the best performer today so far is Yen, which is supported by receding risk-on sentiment. Dollar is
In this article JWN A pedestrian and cyclist wear facemasks outside a branch of department store chain Nordstrom in Santa Monica, California on May 11, 2020. Frederic J. Brown | AFP | Getty Images Nordstrom on Tuesday reported fiscal first-quarter sales ahead of analysts’ expectations and hiked its full-year outlook, citing momentum in the business
Snap announces it will not reach 20% revenue growth goal in Q2. CEO Evan Spiegel says inflation, rising interests are biting into business. SNAP stock now has only covid low as support. Update: SNAP shed 43.08% on Tuesday, following a 30% decline on Monday, as investors are still digesting the poor earnings result. The share
Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return. Equities give crypto no respite Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest levels of the past seven days. At the time of writing, BTC/USD traded at around $28,800 amid volatility, having
The USDCAD is lower on the day with the price opening at its high and trading down to its low in the North American session. The last 13 or so hours have seen the price trade up and down with a high near 1.2807 and a low at 1.27659. On the downside, the pair stalled
The window is certainly closing for the BOE to hike rates, as the UK economy pretty much grinded to a halt in May according to the PMI data here. Surging inflation pressures are weighing significantly on demand conditions and that is not helping to ease fears of a looming recession in the UK, one that
TOKYO: Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus. Brent crude futures for July slid 35 cents, or 0.3%, to $113.07 a barrel by 0122 GMT.
The moves in the financial markets are so far rather indecisive. While US stocks rebounded overnight, Asian indexes turned softer. Dollar and Yen are recovering slightly after yesterday’s selloff. Commodity currencies are retreating. European majors are mixed. While Euro and Sterling advanced against the greenback, there is no follow through buying so far. Technically, EUR/USD
ECB President Lagarde signalled an upcoming turnaround in interest rate policy. The news caused the euro to appreciate noticeably yesterday, pulling gold up to $1,865 for a time. However gold in euros is kept in check, economists at Commerzbank report. Lagarde endorsed an exit from negative rates in Q3 “Lagarde announced ‘a progressive further normalisation
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